If you’re looking to invest in real estate, Dubai may be the place to do it. According to research from PropTech company Realiste, the city’s real estate sector is expected to experience significant growth in the coming year, with a projected increase of 46%.
Realiste, which was launched in May 2022 as part of its expansion into the Middle East and North Africa, has developed an AI-powered tool that enables investment in real estate in major cities including Abu Dhabi, Dubai, London, New York, and Riyadh. The system also alerts property owners when it is the right time to buy or sell.
So why is Dubai’s real estate market seeing such growth? Part of the reason is due to global geopolitical crises, which have led to a surge in private wealth flowing into the city as Russian entrepreneurs, investors, and professionals seek out new homes. According to analytics agency Dsight, more than 16% of Russian companies and entrepreneurs relocated to the UAE and Dubai specifically in the first half of the year.
In addition to this, the local real estate market has benefited from Qatar’s hosting of the 2022 FIFA World Cup. Dubai, as a tourist destination and finance hub for the region, has emerged as a major beneficiary of the event.
Trendy waterfront districts like Palm Jumeirah have seen particularly high demand for property, with prices driven up due to low supply and high demand. Green areas like Dubai Hills, which grew by 53% and now has an average price of Dh1,600,000, have also been popular with families seeking a more suburban lifestyle.
Overall, it looks like Dubai’s real estate market is set for a bright future, with steady price increases and some areas experiencing significant growth. If you’re considering investing in property, now may be the time to do it.